Kennedy Wilson and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to acquire and manage urban logistics properties in the United Kingdom, with the potential to expand into Ireland and Spain.
The joint venture will be seeded with a $220 million portfolio comprising 18 urban logistics assets in prime locations in the United Kingdom. The assets are currently wholly owned by Kennedy Wilson. The joint venture will seek additional last-mile urban distribution center investment opportunities, targeting total assets of up to $1 billion.
Kennedy Wilson will be responsible for the sourcing, acquisition and management of the assets. Kennedy Wilson will have a 20 percent ownership, and GIC will have an 80 percent ownership in the joint venture.
Mary Ricks, president of Kennedy Wilson, said, “We have witnessed the rapid growth of urban logistics properties driven by strong demand from businesses looking to grow their distribution networks with
